The US is for the first time on the list of Armenia's largest trade partners, Armenian Economy Minister Vahan Kerobyan told reporters Monday.

He noted that Russia continues to be Armenia's largest trade partner, although its share in the overall indicator has slightly decreased. The minister added that the UAE is in second place, followed by China, Georgia, and the US, respectively.

Kerobyan added that Armenia continues to work towards the diversification of its economy.

"Foreign trade in relation to the [country’s] GDP made about 110 percent according to the data of the whole year 2023; this is a record for Armenia. The ratio of exports to GDP will be 54.5 percent, and the government's objective is 60 percent by 2026," said the minister of economy of Armenia.